WASHINGTON (AP) — Federal Reserve Chairman Ben Bernanke and other regulators are expected to face tough questions Thursday from lawmakers over missed deadlines and delays implementing the most sweeping overhaul of financial laws since the Great Depression.
The Dodd-Frank law was passed a year ago in response to the 2008 financial crisis. The law gave the government new powers to break up financial firms that threaten the economy, established safeguards for consumers and investors, and imposed restraints on financial markets that have escaped regulatory oversight.
Bernanke, Securities and Exchange Commission Chairwoman Mary Schapiro and other officials are scheduled to testify before the Senate Banking Committee on the progress they have made writing 243 rules mandated under the law. N